IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Cross-Market Price Comparison
| Other Listed Market | To be extracted |
|---|---|
| Other Market Stock Code | To be extracted |
| H-Share Offer Price | HK$ 3.60 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | Impression DHP |
|---|---|
| Stock Code | 02695 |
| Company Full Name | Impression Dahongpao Co Ltd |
| Industry | New Energy |
| Principal Activities | state-owned cultural tourism service provider headquartered in Mount Wuyi, Fujian Province |
| Listing Date | 2025-12-22 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Head Office and Principal Place of Impression Villa (Yinxiang Bieyuan) Business in the PRC 62 Sangu Street, Resort Area Mount Wuyi City Fujian Province PRC Principal Place of Business in 40/F, Dah Sin |
| Business Address (Hong Kong) | 香港 灣仔 皇后大道東248號 大新金融中心40樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.yxdhp.com.cn |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | Yes (新三板) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 3.60 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-12-12 to 2025-12-17 |
| Global Offering Shares | 36,100,000 shares |
| HK Public Offer Shares (Initial) | 3,610,000 shares (10.0%) |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | 32,490,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 144,170,000 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | Mechanism B: no clawback mechanism |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 129,960,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 1,000 | HK$ 3,600 |
| 2 lots | 2,000 | HK$ 7,200 |
| 3 lots | 3,000 | HK$ 10,800 |
| 4 lots | 4,000 | HK$ 14,400 |
| 5 lots | 5,000 | HK$ 18,000 |
| 6 lots | 6,000 | HK$ 21,600 |
| 7 lots | 7,000 | HK$ 25,200 |
| 8 lots | 8,000 | HK$ 28,800 |
| 9 lots | 9,000 | HK$ 32,400 |
| 10 lots | 10,000 | HK$ 36,000 |
| 15 lots | 15,000 | HK$ 54,000 |
| 20 lots | 20,000 | HK$ 72,000 |
| 25 lots | 25,000 | HK$ 90,000 |
| 30 lots | 30,000 | HK$ 108,000 |
| 35 lots | 35,000 | HK$ 126,000 |
| 40 lots | 40,000 | HK$ 144,000 |
| 45 lots | 45,000 | HK$ 162,000 |
| 50 lots | 50,000 | HK$ 180,000 |
| 60 lots | 60,000 | HK$ 216,000 |
| 70 lots | 70,000 | HK$ 252,000 |
| 80 lots | 80,000 | HK$ 288,000 |
| 90 lots | 90,000 | HK$ 324,000 |
| 100 lots | 100,000 | HK$ 360,000 |
| 200 lots | 200,000 | HK$ 720,000 |
| 300 lots | 300,000 | HK$ 1,080,000 |
| 400 lots | 400,000 | HK$ 1,440,000 |
| 500 lots | 500,000 | HK$ 1,800,000 |
| 600 lots | 600,000 | HK$ 2,160,000 |
| 700 lots | 700,000 | HK$ 2,520,000 |
| 800 lots | 800,000 | HK$ 2,880,000 |
| 900 lots | 900,000 | HK$ 3,240,000 |
| 1,000 lots | 1,000,000 | HK$ 3,600,000 |
| 1,200 lots | 1,200,000 | HK$ 4,320,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,400 lots | 1,400,000 | HK$ 5,040,000 |
| 1,600 lots | 1,600,000 | HK$ 5,760,000 |
| 1,805 lots | 1,805,000 | HK$ 6,498,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 58M |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +16174% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 519,012,000 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 129,960,000 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (profitable) |
| Profit/Loss Status | Net profit RMB 42.8 million |
| Period-End Cash Balance | RMB 101.08 million |
| Listing Expenses | ~HK$ 26,400,000 |
| Listing Expenses / Funds Raised | ~19.3% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 2.33 |
|---|---|
| First Day Open | HK$ 3.26 |
| First Day Change | -35.28% |
| First Day Volume | 42683000.0 |
| First Day Turnover | 146998000.0 |
| Use of Proceeds | 1、約25.4百萬港元（相當于約人民幣23.2百萬元），約23.0%，將用于升級標志性演出《印象大紅袍》山水實景演出；
2、約31.6百萬港元（相當于約人民幣28.7百萬元），約28.6%，將適用于(i)于2025年進一步發展印象建州美食主題街區，將其轉化為一個充滿活力的景點，向旅客提供現有服務項目以外的演出藝術體驗；(ii)于2026年進一步發展印象文旅小鎮，優化周邊景觀，包括引入濱江大道；及(iii)于2026年全面改造武夷茶博館4A級景區；
3、約22.1百萬港元（相當于約人民幣20.1百萬元），約20.0%，將用于通過向現有文化旅游演出項目注入管理經驗和創新的運營模式，取得另一個優質文化旅游演出項目；
4、約12.1百萬港元（相當于約人民幣11.1百萬元），約11.0%，將用于提升品牌形象及擴大業務影響力的宣傳工作；
5、約8.2百萬港元（相當于約人民幣7.4百萬元），約7.4%，將用于升級票務管理系統及軟件；
6、約11.0百萬港元（相當于約人民幣10.1百萬元），約10.0%，將用作營運資金和其他一般企業用途。 |
Underwriting Syndicate
Joint Sponsors (2)
Overall Coordinators (2)
Joint Global Coordinators (2)
Joint Bookrunners (8)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
CMB International Capital Limited CE AVM940
ABCI Securities Company Limited CE ACX411
建银国际金融有限公司 CE AJO225
CLSA LIMITED CE AAB893
Futu Securities International (HONG KONG) Limited CE AZT137
国泰君安证券（香港）有限公司 CE ABY236
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
Joint Lead Managers (8)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
CMB International Capital Limited CE AVM940
ABCI Securities Company Limited CE ACX411
建银国际金融有限公司 CE AJO225
CLSA LIMITED CE AAB893
Futu Securities International (HONG KONG) Limited CE AZT137
国泰君安证券（香港）有限公司 CE ABY236
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
Stabilizing Manager (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company | 竞天公诚律师事务所 |
| Legal Advisor to Sponsors/Underwriters | 通商律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Compliance Advisor | Gram Capital Limited CE BBX925 |
| Receiving Banks |
中国银行（香港）有限公司 交通银行（香港）有限公司 Standard Chartered Bank (Hong Kong) Limited |
| H Share Registrar | 香港中央证券登记有限公司 |
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Mr. Zhong Baiyi | Mr. Zhong Baiyi |
| Company Secretary | Ms. Huang Jinjing | Ms. Huang Jinjing |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | Immediately after the completion of the Global Offering (assuming that the over-allotment option is not exercised), Fujian Wuyishan Cultural Tourism Group (through Wuyishan Cultural Tourism) will hold 51.6% of the equity interests in the Company and will be the controlling shareholder. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO attracted extreme retail interest, with an oversubscription ratio of 3,397.48× driving the hit rate down to just 3.15%. This level of frenzy reflects intense competition for a cultural tourism offering that clearly resonated with investors. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
The listing used Mechanism B, which specifies no clawback, yet a share reallocation was triggered—an unusual deviation that may indicate exceptionally strong Hong Kong retail demand forced an adjustment. Without tier‑level data, the precise allocation compression cannot be mapped, but the single‑digit hit rate implies heavy scaling even for larger applications. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland Chinese investors claimed 55.7% of successful applications, highlighting cross‑border appetite for the cultural performance sector, while the average age of 43.9 suggests a mature participant base. The 60.2% male skew is typical for Hong Kong IPOs, though the high mainland proportion is a notable feature. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
